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WARRIOR [948]
3 years ago
10

A house is appraised for $25,000, and shows an assessed value of $20,000. The taxes on the house are $300 annually. What would t

he tax be on a house that is appraised at $45,000, with an assessed value of $40,000?
Business
1 answer:
pashok25 [27]3 years ago
5 0

Answer:

$600

Explanation:

In this situation, first we have to know that tax levy on assessed value.

<u>Computation of tax rate:</u>

Appraised Value = $25,000

Assessed value = $20,000

Tax = $300

Tax rate = ($300 / $20,000) x 100 = 1.5%

Assume Appraised Value = $45,000

Assume Assessed value = $40,000

Calculation of tax value = Assessed value x tax rate

= $40,000 x 1.5%

= $600

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